Company Deposit. The Company hereby acknowledges that time is of the essence with regard to the consummation of the Public Merger Transaction, and that the failure to consummate such transaction in a timely manner would have an adverse effect upon HFG. As such, the Company will deposit the amount of $50,000 (the "Deposit") into the trust account of the Law Offices of Xxxxxxx X. Xxxxx, 0000 Xxxxx Xxxxxxx, Xxxxx 000, Xxxxxx, Xxxxx 00000 (the "Escrow Agent") to be held by the Escrow Agent pursuant to the provisions of this Paragraph 4. The Deposit shall be returned in full to the Company if the Company notifies HFG of its decision not to proceed with consummation of the Public Merger Transaction at any time prior to the consummation of such transaction, if such decision is as a result of (a) any misrepresentation or omission of material fact with regard to information, written or oral, imparted by HFG to the Company regarding the Public Company or (b) the inability of the Public Company or HFG to cure, to the satisfaction of the Company, which shall not be unreasonably withheld, any matter arising from the Company's due diligence review of the Public Company. One-half (1/2) of the Deposit shall be payable to the Company and one-half (1/2) shall be payable to HFG if, prior to August 6, 1999, the Company notifies HFG of its decision not to proceed with the Public Merger Transaction for any reason other than those set forth in subparts 4.(a) and (b) above. The Deposit shall be payable in full to HFG if the Company, after August 6, 1999, notifies HFG of its decision not to proceed with the Public Merger Transaction for any reason other than those set forth in subparts 4.(a) and (b) above. Upon an event requiring the immediate delivery of all or a portion of the Deposit to HFG, said amount shall be immediately paid to HFG upon the delivery of written instruction to the Escrow Agent by HFG. If the Company is entitled to all or a portion of the Deposit prior to the consummation of the Public Merger Transaction as a result of the circumstances set forth in the preceding paragraph, said amount shall be immediately payable to the Company upon receipt by the Escrow Agent of written instructions signed by the Company. Furthermore, the Deposit shall be returned immediately to the Public Company upon consummation of the Public Merger Transaction upon receipt by the Escrow Agent of written instruction signed by both the Public Company and HFG.
Company Deposit. Within five (15) Business Days from the execution of this Agreement, the Company shall deposit, or cause to be deposited, with Purchaser in its operating bank account or with its legal counsel (Purchaser has provided account instructions) by wire transfer of immediately available funds the sum of $330,000 (the “Company Deposit”). In the event of termination of this Agreement, Purchaser shall have the right, without further action, to retain the full amount of the Company Deposit. In the event that Purchaser is entitled to terminate this Agreement and receive the Break-Up Fee as provided in Section 12.5 below, the amount of the Break-Up Fee payment shall be reduced by the Company Deposit paid hereunder.
Company Deposit. Simultaneously with execution of this Agreement, the Company shall deposit, or cause to be deposited, with Purchaser in its operating bank account (Purchaser has provided account instructions) by wire transfer of immediately available funds the sum of $750,000 (the “Transaction Deposit”). In the event of termination of this Agreement, Purchaser shall have the right, without further action, to retain the full amount of the Company Deposit. In the event that Purchaser is entitled to terminate this Agreement and receive the Break-Up Fee as provided in Section 12.5 below, the amount of the Break-Up Fee payment shall be reduced by the Transaction Deposit paid hereunder
Company Deposit. Simultaneously with execution of this Agreement, AHA shall cause to be deposited with Purchaser in its operating bank account (Purchaser has provided account instructions) by wire transfer of immediately available funds the sum of $575,000 (“Transaction Deposit”) which will be utilized by Purchaser for the purpose of funding one (1) extension of three (3) months of Purchaser’s corporate existence, as set forth in its Certificate of Incorporation, to a date no later than February 21, 2021 provided that this Agreement has not been terminated prior to November 16, 2020 by Purchaser in accordance with Section 12.2(a) below, or subject to the Company’ prior approval for other corporate business of the Purchaser. In the event of termination of this Agreement based upon the reasons stated in the preceding sentence, Purchaser shall have the right, without further action, to retain the full amount of the Company Deposit. In the event that Purchaser is entitled to terminate this Agreement and receive the Break-Up Fee as provided in Section 12.5 below, the amount of the Break-Up Fee payment shall be reduced by the Transaction Deposit paid hereunder.
Company Deposit. On August 30, 2023, the Company has deposited, or has caused to be deposited, with Purchaser in its operating bank account or with its legal counsel (Purchaser has provided account instructions) by wire transfer of immediately available funds the sum of $330,000 (the “Company Deposit”). In the event of termination of this Agreement, Purchaser shall have the right, without further action, to retain the full amount of the Company Deposit. In the event that Purchaser is entitled to terminate this Agreement and receive the Break-Up Fee as provided in Section 12.5 below, the amount of the Break-Up Fee payment shall be reduced by the Company Deposit paid hereunder.
